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Another sign of market froth: Chamath "The SPAC KIng" is back! In case you forgot: between 2017 and 2022, he launched 10 SPACS. 4 returned money as they never found a target, 5 had a median loss of 75% (i.e. Virgin Galactic -99%). The sole success was SoFi Technologies, which has returned 131%.
 Julian Robertson saw the Dot.com bubble and shorted it aggressively. "The problem was timing. Tech stocks didn't just stay irrational, they went magnificently, historically insane. The NASDAQ doubled after he started shorting. In March 2000, Robertson sent his final letter to investors. He was closing Tiger Management, returning what remained of their capital.The NASDAQ peaked that same month". His seeding of the "Tiger Cubs" made him a legend beyond his stock picking skills (>30% for nearly 2 decades)
 Omar Malik of Hosking Partners is looking into the European Chemicals sector from a "Capital Cycle Perspective". "The industry’s inclination to rein in capital spending now could end up positioning it for stronger profitability once consumer and industrial markets rebound". They are long a basket of Lanxess, Synthomer, Croda and LyondellBasell
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Euro Eyes is a vision correction group focused on laser surgery and lens replacements. It´s listed in Hong-Kong, but makes 80% of its revenue in Europe (55% in Germany). It´s majority-owned by its founder and is a big client of Carl Zeiss Meditech. Swissie Letters thinks it´s currently trading at 3-4x FCF.
 In The Market NZZ, Kenneth Rogoff speaks about his new book. He sees "a significant chance the US could introduce capital controls" Trung Phan´s story about South Park and its creators is a fascinating read on the history of media and how monetization models developed 
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Large Cap Pharma stocks are hated
Laurence Lam speaks to Morningstar about his investment style based on the "Founder Effect"
Starbucks stock is still rangebound and trailing the SPX. Bernstein analyst Danilo Gergiulo is looking at the status quo and prospects
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New MIT Study: "The AI systems are unable to learn and think in ways humans can, as “most GenAI systems do not retain feedback, adapt to context, or improve over time,” it continued" (source). It´s probably also very early days for such a study... Never relegated. "Bundesliga Dino HSV". Then the drop. 7 long years of hurt and missed opportunities. Then the return to the top flight this summer. HSV is back when Bundesliga starts this weekend. ZDF has documented their year (see above). I witnessed their away support twice last year, in Nürnberg and Regensburg. Massive. A big club.  An important message from the 80ties (click)
 Enjoy the Weekend!
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